Sierra Madre Receives Mexican Antitrust Approval FOR LA Guitarra Acquisition
SIERRA MADRE RECEIVES MEXICAN ANTITRUST APPROVAL FOR LA GUITARRA
ACQUISITION
Vancouver, British Columbia – March 21st 2023 – Sierra Madre Gold and Silver Ltd. (TSXV: SM) (" Sierra
Madre" or the " Company") is pleased to announce t hat it has received approval for the acquisition
(“Acquisition’’) of the La Guitarra Silver -Gold Mine (“La Guitarra”) from Mexico’s antitrust agency, the
Comisión Federal de Competencia Económica (“COFECE”).
With the receipt of this approval, closing of the Acquisition is expected to take place on March 30th, 2023,
followed by trade resumption of Sierra Madre shares shortly thereafter.
Alexander Langer, Sierra Madre CEO, states “We are excited to be nearing the closing of this
transformational acquisition of a fully permitted mine and mill and advance towards our goal of becoming
a mid-tier precious metals producer. Upon closing of the Transaction, Sierra Madre will hold three exciting
precious metal properties in Mexico - La Guitarra, Tepic and La Tigra.”
On May 25, 2022, Sierra Madre entered into a definitive agreement with First Majestic Silver Corp. ("First
Majestic") to acquire a 100% interest in the 39,714 -hectare La Guitarra Silver -Gold Mine in the
Temascaltepec mining district, Mexico. Details of the Acquisition can be found here.
La Guitarra is located in the southeast end of the Mexican Silver Belt, 130km SW of Mexico City. Modern
production began in 1992 and was operated as a 500 t/d underground mine up until August 2018. Current
infrastructure includes two underground production centres– La Guitarra and Coloso in the western half
of the district – as well as a flotation mill, a permitted tailings facility, multiple work buildings and
equipment and related infrastructure.
About Sierra Madre
Sierra Madre Gold and Silver Ltd. is a mineral exploration company, currently focused on the acquisition,
exploration and development of the Tepic and La Tigra Properties in Nayarit, Mexico. The Company has an
experienced management team with a proven track record of wealth creation in Mexico through project
discovery, advancement, and monetization. Sierra Madre’s key objective is to advance exploration on the
Tepic and La Tigra Properties to determine whethe r they contain commercially exploitable deposits of
precious or base metals.
On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,
“Alexander Langer”
Alexander Langer
President, Chief Executive Officer and Director
Contact:
Cautionary Note
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news
release.
This press release contains "forward -looking information" and "forward -looking statements" within the
meaning of applicable securities legislation. The forward -looking statements herein are made as of the
date of this press release only, and the Company does not assume any obligation to update or revise them
to reflect new information, estimates or opinions, future events or results or otherwise, except as required
by applicable law. Often, but not always, forward-looking statements can be identified by the use of words
such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts",
"projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative
variations) of such words and phrases or may be identified by statements to the effect that certain actions
"may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward -looking
information in this press release includes, but is not limited to, statements wi th respect to the completion
of the Transaction on the terms set out in the definitive agreement (or at all) and the ability of the Company
to obtain requisite corporate and regulatory approvals for the Transaction, including but not limited to the
approval of the Exchange , Mexican antitrust approval and other governmental approvals as currently
anticipated.
In making the forward-looking statements included in this news release, the Company has applied several
material assumptions, including that the Company will be able to receive all required regulatory approvals
by the timelines currently anticipated (or at all) ; and that the Company will be able to complete the
Transaction on the terms of the definitive agreement. Forward-looking statements and informati on are
subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the
Company to control or predict, that may cause the Company’s actual results, performance or achievements
to be materially different from those e xpressed or implied thereby, and are developed based on
assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to,
the risk that the Company is not able to complete Transaction on the terms set out in the definitive
agreement (or at all) and the risk that the Company is unable to obtain requisite corporate and regulatory
approvals, including but not limited to the approval of the TSX Venture Exchange, the Mexican antitrust
approval and governmental approval as currently anticipated.
Such forward -looking information represents management's best judgment based on information
currently available. No forward-looking statement can be guaranteed and actual future results may vary
materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or
information.